NEW YORK Oct 28 The New York Times (NYT.N)
does not plan to cut any more newsroom staff from its namesake
newspaper, its top editor told employees, but "limited
visibility" amid the ongoing financial crisis prevents him from
"No, I do not see another round of newsroom staff
reductions on the horizon," Executive Editor Bill Keller told
newsroom staff in meetings on Monday.
"There are no guarantees ... But as of now, even with the
growing misery of the global economy, our aim is to move
forward without another wave of newsroom buyouts or layoffs,"
he added, according to prepared remarks.
The New York Observer first reported his comments on
The Times offered buyouts and cut a small number of
newsroom employees earlier this year. It also is leaving some
Those kinds of cuts are rare the Times, which employs more
than 1,000 people in its news operation. That number was once
common to large dailies, but is shrinking at many papers as
advertising revenue declines force cutbacks.
Keller told employees they will have to live on the lean
side. "A deep, sustained recession will mean the search for
savings and the quest for new revenues continues, that there
will be no luxuries and little comfort."
The same goes for him, Keller noted. "I was flying back
from California the week before last and by chance I was seated
next to someone from the advertising department of the Times.
(In economy class, for the record)," he said.
The Times posted a third-quarter loss from continuing
operations on Oct. 23. It also said its ad revenue fell and
that it would write down the value of its New England
properties, including The Boston Globe, by up to $150 million.
On the same day, Standard & Poor's Ratings Services cut its
rating on the Times to junk, while Moody's Investors Service
said it might do the same because of revenue declines and risks
associated with paying its debt.
(Reporting by Robert MacMillan, editing by Maureen Bavdek)